Nifty likely to hit fresh highs in May; 5 stocks which can give up to 17% return in short term
The Nifty50 ended the record week with gains of around 2 percent but it looks like bulls are not going to give up yet. source: bollywoodhungama.com
The Nifty50 ended the record week with gains of around 2 percent but it looks like bulls are not going to give up that easy as fresh Put writing at strike
prices 9,100-9,300 adds to bullish sentiment.
Fresh Pit writing was seen at strike prices 9000 (0.7 lakh contracts added) which will now act as crucial support for the index, followed by 9,100 which saw fresh additions of 7.07 lakh contracts, 9,200 recorded additions of 4.9 lakh contracts, and 9,300 saw additions of 5.5 lakh contracts.
On the technical front, a couple of key moving averages (i.e. ‘5-EMA’ on the weekly chart as well as ‘200-EMA’ on hourly chart) provided rock-solid support
for our market as a result, the Nifty rebounded smartly from this support zone to reach yet another milestone of 9,300.
Technically speaking, the Nifty has closed above its strong resistance of 127% reciprocal retracement level of the previous fall from 8968.70 to 7893.80 on the weekly chart.
Analyst: Sameet Chavan, Chief Analyst Technical, and Derivatives, Angel Broking Pvt Ltd
MMTC: BUY| Target Rs 77| Stop Loss 60.50| Return 17% | 14-21 sessions
The stock has been moving in a sideways direction from the last few weeks. Last week, we witnessed a breakout from the consolidation phase. The set of moving averages (E5, E20 & E89) are placed positively on both daily and weekly chart, indicating strength in the counter.
Bharat Forge: BUY| Target Rs 1195| Stop Loss 1104| Return 4%| 5-10 sessions
The stock has been forming ‘Higher Top Higher Bottom’ structure on the higher degree charts and is thus in an uptrend. In last one month, the prices have consolidated in a narrow range which can be seen in the above exhibit.
Siemens: BUY| Target 1,430| Stop Loss Rs 1,274| Return 9%| 14-21 sessions
The stock has given a massive recovery in last four months after forming a strong base the Rs1,000 mark in the month of December 2016. Now, the stock prices are on the verge of confirming a breakout from the 2016 highs of 1320.43.
IDFC Bank: BUY| Target Rs 67| Stop Loss Rs 59| Return 10%| 1-2 months
The stock closed at Rs 65.75 on 28th April 2017. It made a 52-week low at Rs44 on 24th June 2016 and a 52-week high of Rs83.40 on 29th September 2016. The 200-days Exponential Moving Average (EMA) of the stock on the daily chart is currently placed at Rs61.59.
JSW Energy Ltd: BUY| Target Rs 71| Stop Loss Rs 63| Return 6%| 1-2 months
The stock closed at Rs67.05 on 28th April 2017. It made a 52-week low at Rs53.05 on 09th November 2016 and a 52-week high of Rs86.50 on 30th June 2016. The 20-days Exponential Moving Average (EMA) of the stock on the daily chart is currently placed at Rs66.53.
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